eToro Comments About Bitcoin Cash (BCH)

Iqbal Gandham, the UK Managing Director of eToro, has commented on the behavior of Bitcoin Cash (BCH) recently saying:

“The Bitcoin Cash network has been displaying some erratic behavior over the past few weeks, which has contributed to the downward pressure on prices. Despite a recent surge, it’s now moving towards the head and shoulders pattern we’ve seen since last year.”

The price of the cryptocurrency has dropped to its lowest in more than a month. Revolut has recently added Bitcoin Cash (BCH) and Ripple (XRP) to its cryptocurrency feature on the app. This move is expected to help the cryptocurrencies perform better in the markets.

About the addition of the two cryptocurrencies to the cryptocurrency feature on Revolut’s app, Iqbal said:

“Though it recently upgraded its blockchain protocol, it seems that Bitcoin Cash has yet to reassure the crypto community that it can provide a more stable framework for transactions and that it really is ‘Bitcoin’. For over a year Bitcoin Cash has been fighting the battle to become the ‘default’ Bitcoin, a battle which traditionalists are not keen to lose.”

eToro has earlier spoken to CoinFrenzy about the BCH hard fork. Matthew Newton, Analyst at eToro, told CoinFrenzy about how the eToro community felt about the BCH hard fork. He said:

“The network update has the full support of the community, with Bitcoin Cash aiming to compete with the lightning network of Bitcoin. Increasing the block size and allowing smart contracts to be built is seen as an important step in its quest to become the dominant cryptocurrency.”

Further, he added:

“What events like these are also making clear, however, is the underlying sense of competition between the Bitcoin Cash and Bitcoin communities. Both are fiercely passionate about these assets and confident that one will emerge as the victor. Ultimately, it remains to be seen how that will play out over the long-term, as both cryptocurrencies continue to develop.”

It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.

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